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Google released its third quarter results today, showing financial strength across the board. Eric Schmidt, CEO of Google stated in the official press release:
Our third quarter results are a testament to the strength of our network of advertisers and partners, as well as our continuing focus on users. We were particularly pleased with the contributions of our international business in a seasonally weaker quarter. In addition, we continued to forge significant partnerships with companies such as eBay, Fox Interactive Media, and Intuit that will be of great value to all involved.The amount of advertising spend now pushed in Google's direction is mind-boggling, with revenues rising 70% from a year ago to $2.7bn. The BBC Reported:
During the three months until the end of September, its net income was $733m ($390m), a 92% increase on the $381m it made in the same time last year.This is a kick in the teeth for rivals Yahoo, who on Tuesday posted a 37 percent drop in quarterly profit as a result of higher stock option costs and an apparently weaker corporate advertising market.
Google surpassed market expectations and the GOOG share price continues to rise as traders sit eagerly awaiting further advertising initiatives after the company's acquisition of YouTube.
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